JPMorgan has launched its JPM Coin deposit token on Ethereum, making it available to the bank’s institutional clients.
The token was first introduced in November 2025 on Base, a blockchain affiliated with Coinbase. It allows clients to send and receive funds within seconds and around the clock.
Target users and use cases
According to Emma Landriault, Global Head of Kinexys Labs at Kinexys, JPMorgan’s blockchain division, the bank expects two main groups of users. The first is large clients in the cryptocurrency sector that want to make blockchain payments. The second is financial institutions that need a form of digital cash to settle or collateralise transactions involving tokenised assets.
Landriault said the bank chose Ethereum because of its liquidity and its existing use among JPMorgan’s clients. Data from DefiLlama shows approximately USD 50 billion deposited in applications running on the network, measured by the total value of assets locked.
From private ledgers to public chains
Tokenisation allows traditional assets such as stocks, bonds, and funds to be represented and transferred over blockchain networks. Banks have explored the technology for more than a decade, but much of that work has taken place on private networks, where access is restricted, and institutions keep tighter control over who participates.
The Ethereum deployment moves JPM Coin onto public infrastructure, although limits remain on who can hold the token. This approach gives traditional financial institutions access to existing liquidity pools and developer activity in the crypto ecosystem. Landriault described the past year as one of further convergence between Wall Street and crypto. She noted that the movement runs in both directions. Traditional institutions are moving onto public chains, while institutional web3 firms are becoming more embedded in and partnering with traditional financial institutions. The official added JPM Coin’s arrival on Ethereum reflects that shift.
Wider industry context
The launch comes as banks and large financial firms look to blockchain technology to move assets faster and work around the limitations of traditional systems. In September 2026, a company backed by more than 100 corporations, including Visa, Stripe, and Mastercard, issued a US dollar-pegged stablecoin, another form of digital money.
JPMorgan has been active in blockchain development. Alongside JPM Coin, the bank operates the Kinexys Blockchain Deposit Account network on its private blockchain. This network enables corporate clients to move US dollars, euros, pounds sterling, and several other currencies. According to the bank, the network processes more than USD 7 billion in transactions a day. That is a small share of the approximately USD 12 trillion handled daily by JPMorgan’s wider payments division.